Physical gold demand was steady this week in most Asian centers as buyers hoped for further price dips amid growing appetite for riskier investments, while a slide in local rates failed to restore bullion's allure in India. Benchmark spot gold edged higher to around $1,277 an ounce on Friday, but was still trading near a 3-1/2-week low touched on Thursday amid a surge in U.S. equities.
"Demand picked up over the last couple of days in Singapore and most of southeast Asia as prices came off a bit. But for the week, there wasn't much change. Unless it goes close to $1,260 there won't be many new buyers coming in," said a Singapore-based dealer.
A lack of clear drivers kept prices between $1,265 and $1,300 an ounce throughout November, its narrowest monthly range in 12 years. In China, gold was sold at a premium of $5-$8 an ounce over benchmark rates, mostly unchanged from last week.
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